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WH Aides Lower Stimulus Expectations

From an understanding Reuters:

House leadership members speak following the passage in the House of Representatives of the stimulus package on Capitol Hill in Washington February 13, 2009.

White House dampens stimulus expectations

By Alan Elsner – Sun Feb 15

WASHINGTON (Reuters)- President Barack Obama’s aides warned Americans on Sunday not to expect instant miracles from the $787 billion economic stimulus bill he will sign this week, but said it would help eventually…

"There will be signs of activity very quickly," David Axelrod, the White House senior adviser, said on "Fox News Sunday." "But it’s going to take time for that to show up in the statistics. The president has said it’s likely to get worse before it gets better."

White House spokesman Robert Gibbs used similar language on CBS’ "Face the Nation."

"I don’t think there’s any doubt that we’ve seen this economy has gotten worse just in the last few months. The acceleration in job loss probably means that this economy is going to get worse before it gets better," he said…

The White House hopes the package will save or create 3.5 million jobs. Mark Zandi, chief economist at Moody’s Economy.com, said on "Fox News Sunday" that was likely too optimistic.

"By my estimate, it will add 2 to 2.5 million jobs, more than would be the case without stimulus, by the end of 2010. That translates into a lower unemployment rate of about a point to a point and a half," he said…

Gibbs said Obama’s team had crafted a stimulus bill to produce jobs as quickly as possible in an economy that lost 3.6 million in the past year.

"The urgency to get something done was very important," he said. "What we have here is a very balanced approach that’s going to put people to work." …

Obama plans to issue a plan to tackle the housing crisis next week, hoping to stem a flood of home foreclosures that has weakened the banking system and frozen credit markets while continuing to depress house prices.

Note that there was so much urgency to get this money going that Mr. Obama isn’t even going to sign the bill until Tuesday at the earliest.

So why couldn’t the legislators be allowed to read it beforehand?

(This is a rhetorical question, of course.)

Now the administration is saying it will take a while before the economy recovers from is revived by this stimulus. Maybe until 2010.

Let’s hope they are right, and that driving the country into so much debt does not put us into a long-term full-blown depression.

Obama plans to issue a plan to tackle the housing crisis next week, hoping to stem a flood of home foreclosures that has weakened the banking system and frozen credit markets while continuing to depress house prices.

But can the economy stand another Obama plan?

And haven’t ACORN and La Raza been paid back enough?

This article was posted by Steve on Monday, February 16th, 2009. Comments are currently closed.

25 Responses to “WH Aides Lower Stimulus Expectations”

  1. Confucius says:

    “And haven’t ACORN and La Raza been paid back enough?”

    Don’t forget the slave reparationists.

  2. BillK says:

    What the “stimulus” has shown is simply that Obama believes the answer to the mortgage-driven economic crisis is to make more loans to people who, thanks to his programs, will have even less incentive to pay them, and the banks will be forced to not collect on them.

    In short, he wants to treat the mortgage system the same way the Feds currently treat the national debt – as “phantom” money that will never actually need to be paid back to anyone.

  3. Barbie says:

    Robert Gibbs says the stimulus won’t show up in th statistics right away? Well since there’s no oversight or ways to measure whether these dollars do actually save or create jobs, we can expect to hear nothing but high praise from the dufus Obama followers about how successful this pork package has been. The reality will be far different, and then Obama will say the economy is worse than he thought when he comes back for subsequent pork bucks- afterall, Obama owes a lot to the special interests who paid to get him elected and needs a lot more public pork dollars with which to pay them off.

    • DoctorRock says:

      I always thought it was “doofus”, but you’re dead right on the M.O. – this is from the Clinton’s Somalia playbook: “Muck around for a couple months, then declare victory!” (eighteen dead, WTF) They’ll have experts and charts and stuff to show us just how Porkulus saved our bacon, and it’ll be in the New York Times so you’ll know it’s true. I rather think we’ll see Porkulus 2 by St. Paddy’s Day, so they spend all that they can before they tank in the polls. But don’t you just wish you were a fly on the wall for those committee meetings? Remember when Louie DiPalma was shaking down Ignatowski’s dad, and Louie tortured himself over what would be “the right number – not too high… not too low… kinda in here…”? Barney DiPalma, right? And I learned on Leno the other night that “Stimulus Bill” was really one of President Clinton’s nicknames.

  4. proreason says:

    1. “this economy is going to get worse before it gets better”

    2. “Obama plans to issue a plan to tackle the housing crisis next week”

    3. revolution

  5. jobeth says:

    “this economy is going to get worse before it gets better”

    So when we notice that it IS getting worse is that a sure sign it’s going to get better?

    …Sort of like when we notice the weather keeps getting colder..that, that is a sure sign of global warming?

    Ok then, I get it! Perfectly clear.

  6. TwilightZoned says:

    “I don’t think there’s any doubt that we’ve seen this economy has gotten worse just in the last few months. The acceleration in job loss probably means that this economy is going to get worse before it gets better,” he said…

    This couldn’t possibly be from the self-fulfilling prophecy of the past few weeks; “we are in the worst economic crisis since the great depression”. Nah…must be my imagination.

    • proreason says:

      Where are the destroyed factories?
      Where are the ruined houses?
      How much of the country’s human capital has been lost?

      There are only 2 reasons the country’s economy is in tatters:
      – Government desroyed financial wealth by robbing producers to reward deadbeats
      – Criminal politicians are lying that the economy is a disaster that only Command and Control government can solve.

      50% of it is psychological.

      But the criminals in charge will continue to lie until shortly before the next election, at which time the story will change completely.

  7. catie says:

    This had to be done Friday or the world would end and fearless Dear Leader promised to sign it right away. Well it’s Monday folks and this clown who is our president is winging it back from Chi-town today (after taking the Belle out to eat on Valentine’s Day-we do have nice restaurants in DC and the surrounding area) and will wing out to Denver on Air Force One to sign this stupid thing that isn’t going to do a darn thing. Wonder if Julio, Henrietta, and Orange Shirt Guy will be there to get a commemorative pen.

  8. Right of the People says:

    $13.00 a pay? Ooooh, I feel so stimulated!

  9. proreason says:

    Who is the creature next to Stretch?

    And what planet has it come from?

  10. U NO HOO says:

    RE: “$13.00 a pay? Ooooh, I feel so stimulated!”

    Yeah, me too.

    Let’s get this straight, if $13.00 a pay gets us out of a depression, is it reasonable to conclude that when the $13.00 stop we’ll be back in a depression?

    I’m just aksing.

  11. VMAN says:

    Anybody heard of the 1920 depression? I know I hadn’t. It seems the USA was in and out of it so fast that no one noticed (well I’m sure some did). Why you ask! Because from what I read the Federal government did nothing. What a concept. The O hole would be better off sitting on his thumb.

  12. U NO HOO says:

    We over-react by reacting.

  13. brad says:

    Anything bad that happens, it’s Republican’s fault, anything good happens, it’s because the stimulus is working! And if it still isn’t working, hey, we vaguely told you it would get worse before it gets better didn’t we?

    All bases are covered, now prepare for the propaganda machine to kick in from now until the people realize the plan didn’t work.

  14. proreason says:

    It might be even worse than anybody thinks:

    “This bubble of government makes all other economic bubbles that have come before seem puny by comparison. Furthermore, this bubble is uniquely world wide. As liquidity is running out and credit is drying up, many nations are in a chain reaction realizing the hot air on which their financial and political systems stand. In any case the dreams of Obama, the RINOs, and the Democrats will become painfully deflated as the era of big government comes to a close.

    It may seem odd in this political climate to say big government will soon be a thing of the past, but it is. Like a decapitated chicken running mindlessly down the road, it just hasn’t stopped moving yet.”


    If what she predicts actually happens, the world will descend into new Dark Ages.

  15. yellarcan says:

    Is it me, or does it look like nasty pelosi farted?

  16. canary says:

    The Joker is back. Pelosi has her smile back, having been photo’d for the first time with a frown, making her nearly unrecognizable to the public. Don’t think this is from a quick botox fix. Think she and slick Willy snuck off while Hillary was gone.

  17. Odie44 says:

    I wouldn’t follow Bambi’s “leadership” into a flag football game.

    This guy is great…

    “10 yards is a lot guys, lets do our best to make 7”
    “To ensure we dont fumble, drop to a knee on the snap”
    “No one on the D-line, all 11 can drop back to make sure they dont score”
    “There are 4 quarters in a game???”

  18. Colonel1961 says:

    Is it just me, or is Nancy Pelosi starting to look like Casey Anthony?

  19. sheehanjihad says:

    How Much Does The Stimulus Weigh?

    Each bill of United States Currency weighs one gram. I can see you reaching for your wallet and your digital scales right now to fact-check, so here’s a link to show you:

    Hang on, I’m headed somewhere with this. Let’s say we had a pile of one dollar bills….787 billion of them- same as the Stimulus Package. How much would that cash weigh?

    86,759 TONS

    That’s more than an Iowa class battleship.

    Or put another way, according to Senator Lamar Alexander, (much better at numbers than me), if you spent a million dollars a week, starting the day Jesus Christ was born. You would still have money left over. And you could spend it on a new calculator because the old one just died of shock.

    and to think, over 85 thousand tons of this cash is for spending, and not for stimulus. We the People, have become “them” to our government. It’s time we stopped taking this laying down.

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